Online financial services marketplace LendingTree has released a consumer survey finding that more than 75% of pet owners believe that inflation is making pet ownership more expensive, and 26% are struggling to afford the four-legged members of their families. By generation, Millennials (32%) were most likely to say that they're having trouble paying for pet expenses amid inflation.
Overall, 87% of pet owners said that they've experienced increased pricing on key pet-related expenses, especially pet food (74%) and veterinary services (33%). This increase in cost has forced pet owners to make financial sacrifices for their pets, with nearly one in four (23%) having taken on debt for their furry friends, and some even limiting their retirement savings contributions (10%).
Other key survey findings included:
• While pet owners reported spending an average of $1,163 annually on their pets in a 2021 LendingTree survey, in 2022, owners say they're spending just $984 per year — a nearly $180 difference.
• 44% of pet owners are making financial sacrifices for their pets.
• 30% of owners who've been in pet-related debt have owed $1,000 or more.
Charlotte, N.C.-based LendingTree commissioned Provo, Utah-based Qualtrics to conduct an online survey of 1,017 U.S. pet owners, ages 18 to 76, on Aug. 12-18. The survey was administered using a nonprobability-based sample, and quotas were used to ensure that the sample base represented the overall population. All responses were reviewed by researchers for quality control.